Alpha Trend Spotter Indicator

Alpha Trend Spotter Indicator

Alpha Trend Spotter Indicator For MT4 provides forex trading signals based on moving average crossover of 5 period daily and 1 period weekly price charts

The Alpha trend spotter indicator for MT4 provides long term forex trading signals using the daily and weekly moving average levels. The trading signals are based on the crossover of the 5 period daily moving averages and the 1 period weekly moving average. They can be plotted on the current chart.

The indicator is easy to use and is useful for new and advanced forex traders. Furthermore, it works on all price charts and including the intraday price charts to the highest time frame. The trading signals are based on the weekly and monthly values. So, it is effective for long term forex technical analysis. However, intraday traders can plot the indicator in lower time frames and use them to identify major trend direction.

Alpha Trend Spotter Indicator For MT4 Trading Signals

The indicator plots the green bullish bar and red bearish histogram bars in a separate indicator window. The trading strategy is to enter the markets based on the appearance of the green and red bars. In effect, the daily and weekly crossover acts as a best trend indicator. Moreover, it helps traders to stay in one direction for a longer period of time and avoid smaller fluctuations.

If a green bar appears, traders should enter the market with a buy trade and place a stop loss below the previous swing low. Similarly, upon the appearance of a red bar traders should open a sell position with a stop above the previous high. The best trading strategy to book profits is to exit at an opposite trading signal or with a good risk reward ratio.

Conclusion
In summary, the Alpha trend spotter indicator for MT4 is an excellent indicator. It’s effective for long term forex traders using moving average crossover.